Cardamom Oil Market Outlook
As per the Market Research Future (MRFR) analysis, the global cardamom oil market is estimated to reach 869 USD million, with a CAGR of around 8.31% from 2019 to 2028 (forecast period). The report examines the effect of the COVID-19 pandemic on the global cardamom oil market and offers a concise estimation of the predicted volatility of demand during the forecast period.
Cardamom oil is extracted from dried cardamom using a steam distillation procedure used in different applications such as food processing, pharmaceuticals, fragrances in soaps and perfumes, etc. Cardamom oil extract contains various basic components such as pinene, methyl eugenol, sabinene, geraniol, myrcene, nerol, linalyl acetate, phellandrene, citronellol, linalool, limonene, a-terpineol acetate, 1, 8-cineole, terpineol, a-terpineol, p-cymene, terpinene-4-oil, terpinolene, and trans-nerolidol. There is a significant increase in demand for cardamom oil due to its various health, skin, and hair benefits. It is commonly used in aromatherapy.
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Market Dynamics
Duck Meat Products Market size is estimated to reach USD 2.2 billion by 2024, and the market is expected to register a growth rate of 4.5% during the forecast period of 2019 to 2024. Duck meat is lean foul. It tastes like chicken and is tender even when cooked. Duck meat is rising in popularity (hence the moderate CAGR for the near term) because people see its many health benefits.
The global population is becoming better educated, and a global middle class is emerging. Most of these people are health conscious and want to consume healthy meat. They are gravitating toward duck meat because they perceive it to be healthy.
The market for cardamom oil is powered by factors such as rising demand for natural flavorings and food coloring agents. The increase in demand from various downstream markets, including food and beverage, pharmaceuticals, personal care, and home care, is driving the growth of the cardamom oil industry.
Market Segmentation
The global market for cardamom oil market has been segmented by type, applications, and distribution channels.
By type, the global market for the cardamom oil industry has been segmented into Elettaria cardamom oil and Amomum cardamom oil. Elettaria cardamom is also known as true cardamom or green cardamom. Amomum cardamom is known as Kravan or black cardamom which is universally used in cooking
By application, the global market for cardamom oil market has been segmented into food and beverages, cosmetics, personal care, pharmaceutical, and others. The pharmaceutical segments are expected to have potential market share in terms of value, followed by the cosmetic and personal care segment. The pharmaceutical application of cardamom oil is growing faster than other applications with a CAGR of 6.8%.
By distribution, the global market for cardamom oil market has been segmented into direct and indirect sales channels. Indirect sales are further sub-segmented into modern trade, departmental stores, E-Commerce, specialty stores, drug stores, and others.
Regional Analysis
Regionally, the global market for cardamom oil market has been segmented into North America, Asia Pacific, Europe, and the Middle East & Africa.
The Asia Pacific is projected to dominate the cardamom oil market as it is the largest producer of cardamom, as well as the health and personal care benefits of cardamom oil will boost its demand soon. In the Asia Pacific region, India and its neighboring countries are projected to be one of the primary consumers of cardamom oil.
Cardamom oil is one of the best flavoring agents, growing demand for cardamom oil in the bakery, and other culinary items are expected to improve the cardamom oil market in North America and Europe.
Its use in aromatherapy is growing, and other such properties will boost the growth of the market for cardamom oil in the Middle East and Africa.
Key Players
The prominent market players identified by MRFR in the global cardamom oil market are Nelydia, IL Health & Beauty Natural Oils Co., Inc., Green Fields Oil Factory, Aromaaz Internationa, Aksuvital, Shaanxi Guanjie Technology Co., Ltd, Shiv Sales Corporation, Natures Natural India, Piping Rock Health Products Llc, and Greenleaf Extractions Pvt Ltd
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